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Boeing's (BA) Q2 Earnings Miss Estimates, Revenues Decline Y/Y
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The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.90 per share in second-quarter 2024, wider than the Zacks Consensus Estimate of a loss of $1.79. The bottom line also deteriorated from the year-ago quarter’s reported loss of 82 cents per share.
Including one-time items, the company reported a GAAP loss of $2.33 per share, wider than the year-ago quarter’s reported loss of 25 cents.
The year-over-year deterioration can be attributed to lower commercial delivery volume and losses on fixed-price defense development programs.
The Boeing Company Price, Consensus and EPS Surprise
Boeing’s revenues amounted to $16.87 billion, which missed the Zacks Consensus Estimate of $17.48 billion by 3.5%. The top line also declined 15% from the year-ago quarter’s reported figure of $19.75 billion.
The year-over-year deterioration was due to lower commercial delivery volume.
Total Backlog
Backlog at the end of the second quarter of 2024 totaled $515.87 billion, down from $528.75 billion recorded at the end of the first quarter.
Segmental Performances
Commercial Airplane: Revenues in this segment declined 32% year over year to $6 billion due to lower commercial jet deliveries. The segment incurred an operating loss of $715 million, indicating a deterioration from the year-ago quarter’s reported operating loss of $383 million.
During the quarter under review, Boeing delivered 92 commercial planes, down 32.3% year over year.
The backlog for this segment remained healthy, with more than 5,400 airplanes valued at $437 billion.
Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $6.02 billion, indicating a year-over-year decline of 2%. It generated an operating income of $913 million, implying a deterioration from the year-ago quarter’s reported operating loss of $527 million.
BDS recorded a backlog of $59 billion, 31% of which comprised orders from international clients.
Global Services: Revenues in this segment improved 3% year over year to $4.89 billion, driven by higher commercial volume. This unit generated an operating income of $870 million, which improved from $856 million in the prior-year quarter.
Financial Condition
Boeing exited second-quarter 2024 with cash and cash equivalents of $10.89 billion, and short-term and other investments of $1.73 billion. At the end of 2023, the company had cash and cash equivalents of $12.69 billion, and short-term and other investments worth $3.27 billion.
Long-term debt amounted to $53.16 billion, up from $47.10 billion recorded at the end of 2023.
The company’s operating cash outflow as of Jun 30, 2024, was $7.29 billion against operating cash inflow worth $2.56 billion as of Jun 30, 2023.
Free cash outflow totaled $8.26 billion at the end of second-quarter 2024 against free cash inflow of $1.79 billion at the end of second-quarter 2023.
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also declined 3.6% from $1.42 billion reported in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Leidos Holdings, Inc.’s (LDOS - Free Report) second-quarter 2024 adjusted earnings of $2.63 per share beat the Zacks Consensus Estimate of $2.26 by 16.4%. The bottom line also increased 46.1% from $1.80 registered in the prior-year quarter.
Total revenues of $4.13 billion beat the Zacks Consensus Estimate of $4.04 million by 2.2%. The top line also improved 7.7% year over year.
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Boeing's (BA) Q2 Earnings Miss Estimates, Revenues Decline Y/Y
The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.90 per share in second-quarter 2024, wider than the Zacks Consensus Estimate of a loss of $1.79. The bottom line also deteriorated from the year-ago quarter’s reported loss of 82 cents per share.
Including one-time items, the company reported a GAAP loss of $2.33 per share, wider than the year-ago quarter’s reported loss of 25 cents.
The year-over-year deterioration can be attributed to lower commercial delivery volume and losses on fixed-price defense development programs.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
Revenues
Boeing’s revenues amounted to $16.87 billion, which missed the Zacks Consensus Estimate of $17.48 billion by 3.5%. The top line also declined 15% from the year-ago quarter’s reported figure of $19.75 billion.
The year-over-year deterioration was due to lower commercial delivery volume.
Total Backlog
Backlog at the end of the second quarter of 2024 totaled $515.87 billion, down from $528.75 billion recorded at the end of the first quarter.
Segmental Performances
Commercial Airplane: Revenues in this segment declined 32% year over year to $6 billion due to lower commercial jet deliveries. The segment incurred an operating loss of $715 million, indicating a deterioration from the year-ago quarter’s reported operating loss of $383 million.
During the quarter under review, Boeing delivered 92 commercial planes, down 32.3% year over year.
The backlog for this segment remained healthy, with more than 5,400 airplanes valued at $437 billion.
Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $6.02 billion, indicating a year-over-year decline of 2%. It generated an operating income of $913 million, implying a deterioration from the year-ago quarter’s reported operating loss of $527 million.
BDS recorded a backlog of $59 billion, 31% of which comprised orders from international clients.
Global Services: Revenues in this segment improved 3% year over year to $4.89 billion, driven by higher commercial volume. This unit generated an operating income of $870 million, which improved from $856 million in the prior-year quarter.
Financial Condition
Boeing exited second-quarter 2024 with cash and cash equivalents of $10.89 billion, and short-term and other investments of $1.73 billion. At the end of 2023, the company had cash and cash equivalents of $12.69 billion, and short-term and other investments worth $3.27 billion.
Long-term debt amounted to $53.16 billion, up from $47.10 billion recorded at the end of 2023.
The company’s operating cash outflow as of Jun 30, 2024, was $7.29 billion against operating cash inflow worth $2.56 billion as of Jun 30, 2023.
Free cash outflow totaled $8.26 billion at the end of second-quarter 2024 against free cash inflow of $1.79 billion at the end of second-quarter 2023.
Zacks Rank
Boeing currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Teledyne Technologies Inc. (TDY - Free Report) reported second-quarter 2024 adjusted earnings of $4.58 per share, which surpassed the Zacks Consensus Estimate of $4.49 by 2%. However, the bottom line declined 1.9% from $4.67 recorded in the year-ago quarter.
Total sales were $1.37 billion, which missed the Zacks Consensus Estimate of $1.38 billion by 0.2%. The top line also declined 3.6% from $1.42 billion reported in the year-ago quarter.
Lockheed Martin Corporation (LMT - Free Report) reported second-quarter 2024 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.45 by 10.2%. The bottom line also improved 5.6% from the year-ago quarter's recorded figure of $6.73.
Net sales were $18.12 billion, which surpassed the Zacks Consensus Estimate of $17.10 billion by 6%. The top line also increased 8.6% from $16.69 billion reported in the year-ago quarter.
Leidos Holdings, Inc.’s (LDOS - Free Report) second-quarter 2024 adjusted earnings of $2.63 per share beat the Zacks Consensus Estimate of $2.26 by 16.4%. The bottom line also increased 46.1% from $1.80 registered in the prior-year quarter.
Total revenues of $4.13 billion beat the Zacks Consensus Estimate of $4.04 million by 2.2%. The top line also improved 7.7% year over year.